Buying

An agent has the knowledge and experience required to help navigate the complex real estate market. It means they can guide you through the process and answer any questions that come up. It’s important to keep in mind whether an agent is well-suited to you. While it might be tempting to use an agent you already know, we recommend that you don’t just choose whoever is convenient. It would be a good idea to meet with a few different agents so that you can better decide who has the right approach for you.

When interviewing agents, consider whether they know your desired search area; their level of experience; what their approach is; and whether it aligns with your wants and needs.

For example, Carlos has an educational approach. His focus is on making sure that you experience no surprises by empowering you with information. Carlos has been through thousands of homes and knows what to look for. His experience in new home construction and renovations allows him to pass knowledge along to clients educating them on the major components of a home in addition to the finishes.

The first thing to keep in mind when planning out your list of requirements is whether something is a need, being either essential or very important to your life, or whether it’s a want, being something that you want but that is not a necessity. Start with the basics, the things you know you need to consider. A few examples are:

• What is your budget?
• What type of property are you looking for?
• What is your search area?
• What is your timeline?
• How many beds and baths do you need?
• Do you need parking?

When asking these questions, think about what is important for you and/or your family and begin to identify your needs. If you have kids, you might need to be in a good school zone; if you don’t have a car you might focus on easy access to public transit, etc. Don’t worry, an experienced agent will ask the right questions and guide you through this process.

Start by finding an agent, arrange a few buyer consultations to make sure you are picking an agent that is the right fit.

Get your finances in line and meet with a mortgage agent to begin the process of securing a mortgage pre-approval, which will allow you to feel confident in your budget.

Start thinking about what you need in a property, all of the essential items you need from your home. Write a list with all the details so that you can provide this to your agent and they can begin searching properties that are on the market, as well as setting up an auto-search so that you are emailed when new listings meeting your criteria become available.

First-time home buyers in Ontario have a range of different incentives that will help you in the journey to home ownership. A few common examples are listed below. We recommend looking into these and familiarizing yourself with them. Make sure to mention to your agent that you are a first-time home buyer, as they’ll be able to answer any questions.

• RRSP home buyers plan
• First-time home buyers’ incentive
• First-time home buyers’ tax credit
• Land transfer tax rebates
• First-time home buyers incentive guide

Pre-approval can give you a better understanding of what you can afford, what your monthly payments would equate to and the current mortgage rates. It can be a very useful tool when establishing a budget and will also speed up the process when you do put in an offer.

Doing the work upfront will allow for a less stressful transition to your home once you purchase. It will also allow time to address any potential surprises that may arise in qualifying such as a discrepancy in a credit report etc.

When considering purchasing a condominium unit, we recommend making sure you review a copy of a document called a status certificate with your lawyer. It’s a document that is created by the condo corporation to provide all of the important information to gain an understanding of the financial health of that condominium corporation. Your real estate lawyer will review and guide you through any concerns. Low reserve funds, large scheduled maintenance fee increases, and litigation all may be concerns that you’ll want to investigate further into.

An additional expense that you will have to account for with affordability are the maintenance fees. Make sure you understand what you can afford monthly between both the mortgage payments and maintenance fees to avoid overstretching yourself.

Offer presentations, commonly referred to as bidding wars, are simply a form of pricing strategy taken by sellers to draw more interest to a property by offering a list price below market value and holding an offer date so that prospective buyers must come forward with offers at the same time. As a buyer you should know that you are in full control and an experienced agent would have worked through many offer nights and can prepare you accordingly.

It’s also important to consider whether a seller is accepting preemptive offers otherwise known as a bully offer, which means they may review an offer even before presentation, as this is another strategy you might consider. Submitting an offer early can help avoid bidding wars altogether.These are generally seen as an aggressive move to secure a property before others may offer on it or have potentially even had the opportunity to see the property.

As a buyer, it’s important to protect yourself from any issues that might arise in the future within your control. Some key steps would be securing a mortgage pre-approval, reviewing a home inspection report, which your agent can assist with, and for condominiums, reviewing the status certificate with your lawyer. More information on the status certificate can be found under the FAQ, ‘what additional considerations should I make when purchasing a condominium?’

Through his experience, Carlos has developed a range of resources that will help you with your home search. Beginning at the buyer consultation, he will be able to supply you with and walk you through a well developed buyers guide. If you are a first time home buyer, make sure to mention it and he can also provide the first time home buyers incentive guide. During your first meeting, Carlos will ask all about your wants and needs to ensure he has an understanding of what you’re looking for. Once you have decided on your search criteria, he can then set you up to receive market updates, where you will be notified of current properties on the market that match your criteria and any new listings that come up.

From this point on, the strategy will depend on your preferences and needs. Carlos will recommend any tools he thinks that will be useful for you in your search.